[164 Pages Report] The epoxy composite market was valued at USD 21.6 billion in 2015 and is projected to reach USD 33.1 billion by 2021, at a CAGR of 7.3% during the forecast period. In this study, 2015 has been considered as the base year, while the forecast period is from 2016 to 2021.

Market Dynamics

Drivers

Increasing demand for epoxy composite from wind energy industry

Emerging demand from developing countries

Need for material with high mechanical strength, lightweight, and resistance against corossion

Opportunities

Adoption of low cost production technologies

Growing wind energy industry in developing economies

Challenges

High cost of raw material and research & development activities

Reduce cycle time of epoxy composite part manufacturing

Increasing demand for epoxy composite from wind energy industry

Governments in countries of regions such as Asia-Pacific, Europe, and North America have imposed stringent environmental regulations to reduce greenhouse gas emissions. This has led to the shift towards renewable energy for energy generation. Wind energy capacity installation is increasing at a rapid pace in these regions to reduce carbon emissions. Manufacturers of wind turbine prefer lightweight materials such as epoxy composite for production of wind turbine parts such as turbine blades, nacelles, and hubs. Epoxy composite is replacing the use of traditional materials such as metals and alloys in wind turbine due to their superior mechanical properties. Wind turbine parts demand low maintenance and high strength-to-weight ratio, which is achieved with the help of epoxy composite. Lightweight materials increase the efficiency and performance of wind turbines by increasing the length of the blades. In addition, the use of epoxy composite provides high strength, stiffness, and compression strength to turbines, thus, helping wind turbines to enhance their load bearing capacity.

Objectives of the Study:

To define, describe, and forecast the epoxy composite market on the basis of fiber type, application, and region

To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)

To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contribution to the total market

To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders

Note1: Micromarkets are the subsegments of the epoxy composite market included in the report

Note2: Core competencies of companies are determined in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain in the market

In this report, various secondary sources such as company websites, encyclopedias, directories, and databases such as Composite World, Factiva, and American Composites Manufacturers Association and so on have been used to understand and gain insights into the epoxy composite market. In the primary research process, sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. The bottom-up approach has been used to estimate the market size, in terms of value. The top-down approach has also been implemented to validate the market size, in terms of value. With the data triangulation procedure and validation of data through primaries, exact values of the sizes of the overall parent market and individual markets have been determined and confirmed in this study.

The figure below illustrates the breakdown of profiles of primary interview participants.

Major Market Developments

In July 2016, Cytec Solvay Group entered into an agreement with Mubadala Development Company (UAE), investment and development company. This strategic move helped the company to meet the demand of Boeings new 777X program for the supply of advanced composite materials for the empennage and floor beams.

In October 2016, Hexcel Corporation extended its existing agreement with Airbus Group (Netherlands) till 2030, which covers contract to supply HexPly M21E/IMA prepreg for the primary structures of Airbus A350XWB aircraft. This prepreg is formed using epoxy thermoset resin. This will add to the companys revenue.

In May 2016, Royal TenCate N.V. company opened its thermoset composite facility center at Langley Mill (U.K.). The facility mainly focuses on enhancing the capacity of thermoset prepreg systems. The expansion has helped the company to strengthen its market in the European region.

Key Target Audience:

Epoxy composite Manufacturers

Epoxy composite Traders, Distributors, and Suppliers

Raw Material Suppliers

Governments and Research Organizations

Associations and Industrial Bodies

R&D Institutions

Scope of the Report

This research report categorizes the epoxy composite market based on resin type, application, manufacturing process, and region. It forecasts revenue growth and analyzes trends in each of the submarkets till 2021.

On the Basis of Fiber type

Glass

Carbon

Others

On the Basis of End-use Industry,

Wind Energy

Aerospace & Defense

Sporting Goods

Automotive & Transportation

Electrical & Electronics

Pipe & Tank

Marine

Others

On the Basis of Manufacturing process,

Lay-up

Compression Moulding

Resin Injection

Resin Transfer Moulding

Filament Winding

Pultrusion

On the Basis of Region,

North America

Europe

Asia-Pacific

Latin America

ME&A

Each region has been further segmented into key countries in that region.

Critical questions which the report answers

What are the upcoming trends for epoxy composite in developing nations?

Which are the key players in the market and how intense is the competition?

Available Customizations:

The With the given market data, MarketsandMarkets offers customizations according to the specific needs of the companies. The following customization options are available for the report:

Product Analysis

Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

Further breakdown of the North American epoxy composite market

Further breakdown of the European epoxy composite market

Further breakdown of the Asia-Pacific epoxy composite market

Further breakdown of the Latin American epoxy composite market

Further breakdown of the ME&A epoxy composite market

Company Information

Detailed analysis and profiles of additional market players

The global epoxy composite market is projected to reach USD 33.1 billion by 2021, at a CAGR of 7.34%, during the forecast period, 2016 and 2021. Epoxy composite offers excellent compression and tensile strength, light weight, excellent modulus of elasticity, high corrosion resistance, and among others. The increase in the penetration of advanced materials such as epoxy composite in various industries such as wind energy, aerospace & defense, automotive & transportation, sporting goods, electrical & electronics, pipe & tank and others are key factors responsible for the growth of the epoxy composite market. In addition, the long life & low maintenance requirement, rapid urbanization & rapid economic growth in the emerging countries and the development of innovative products are significantly boosting the growth of epoxy composite market.

The epoxy composite market, by fiber type is segmented into glass, carbon, and others. The glass fiber based epoxy composite market is expected to grow faster during the forecast period, as it is used in industries such as wind energy, electrical & electronics, and pipe & tank, and it is economically cheaper as compared to other fibers.

The high cost of research & development has been an important concern associated with the development of epoxy composite. Due to high R&D cost, developing low-cost technologies is a major challenge for all researchers and key manufacturers. Hence, epoxy composite is only introduced in high-end applications such as luxury cars in the automotive & transportation industry. Production of low-cost epoxy composite can increase the demand from different end-use sectors. Many applications of epoxy composite have been discovered. However, due to high-cost constraints, commercialization of these applications is yet to begin.

Asia Pacific is expected to be the fastest-growing region for epoxy composite market during the next five years. The main factor that contributed to its growth is the increasing demand from the wind energy, aerospace & defence, automotive & transportation, and construction industries. The presence of established epoxy composite manufactures and increased wind energy capacity especially in China is driving epoxy composite market in this region.

The epoxy composite market by fiber type is segmented into glass, carbon and others

Glass Fiber

Glass fiber is the oldest and the most common reinforcement used in most applications. There are various types of glass fibers such as E-glass, S-glass, and ER-glass which are used according to the specific requirement in different industries. E-glass is the most commonly used glass fiber due to its high strength and electrical resistance, whereas S-glass is used in applications that require higher tensile modulus. Glass fiber provides superior properties such as high strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture.

Carbon Fiber

Carbon fiber epoxy composite is very light in weight and also provides excellent structural strength, toughness, rigidity, and very good tensile strength properties. It is corrosion resistant, fatigue resistant, fire resistant, and provides high thermal and electrical conductivity properties. It also provides ease of processing and reduced cycle time. Owing to all these properties, it is used in aerospace & defense, sporting goods, and automotive & transportation industries where weight, strength, and durability plays a very significant role.

Others

Other fibers include natural fibers and aramid fibers. Natural fiber epoxy composite are formed by reinforcing natural fibers such as flax, hemp, jute, and kenaf with an epoxy matrix. Natural fiber epoxy composites are used in automotive, aerospace, electrical & electronics, sporting goods, and construction applications.

Critical questions the report answers:

What are the upcoming hot bets for epoxy composite market?

How market dynamics is changing for different forms in different applications?

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